EBRD invests €6.5B in Egypt through 115 projects

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Sun, 21 Jun 2020 - 12:48 GMT

European Bank for Reconstruction and Development - Courtesy of EBRD Facebook page

European Bank for Reconstruction and Development - Courtesy of EBRD Facebook page

CAIRO – 21 June 2020: Cooperation volume between Egypt and the European Bank for Reconstruction and Development amounts to €6.5 billion through 115 projects, according to Minister of International Cooperation Rania al-Mashat.

The Egyptian minister said in a statement Sunday that the share of the private sector in these projects represents about 56 percent, stressing the importance of the partnership with the European Bank for Reconstruction and Development in supporting the private sector, which is considered one of the engines of the national economy.

EBRD agreed to provide $100 million in financing to the Commercial International Bank, to re-lend it to private sector projects in Egypt.

Mashat said that the financing comes in line with the new strategy for partnership with the international financial institutions that is based on three main axes, which are the citizen, the focus of attention and ongoing projects, and the goal and the driving force.

She pointed out that this achieves sustainable development, which is a priority at all levels; establishes public-private partnerships; works to identify the existing gaps, especially after the coronavirus crisis; and provides support across multiple sectors to millions of beneficiaries.

The European Bank for Reconstruction and Development loaned to both the National Bank of Kuwait Egypt and the National Bank of Egypt $100 million each in the current month of June.

Egypt offers NBK Egypt up to $100M loan to support SMEs

CAIRO - 7 June 2020: The European Bank for Reconstruction and Development (EBRD) approved a loan of up to $ 100 million to the National Bank of Kuwait Egypt (NBKE) for on-lending to private businesses, with a special focus on small and medium-sized enterprises (SMES) in Egypt, International Cooperation Minister Rania Al-Mashat announced Sunday.



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